Us Congress Budget 2024. Treasury needs to borrow to pay the bills since the us spends more than it collects in revenue, resulting in a budget deficit. In cbo’s projections, the federal budget deficit in fiscal year 2024 is $1.9 trillion.

As congress races against the clock to come up with a new bill to fund the government, the chances of a shutdown are increasing. In cbo’s projections, the federal budget deficit in fiscal year 2024 is $1.9 trillion.